Growth Initiative Fund Approves Six Loans as Part of $8.3M in Primary-Sector Expansions
The Growth Initiative Fund approved six loans over the first two quarters of 2025. The total capital investments made by these projects equal approximately $8.33 million, with an estimated creation of 23 new jobs and utilization of 25,000 square feet of space.
All of the loans were in conjunction with Bank of North Dakota’s PACE/Flex PACE program, which provides lowered interest rates to assist expanding companies.
The GIF loan approvals totaled $372,000 and provide the opportunity for these primary-sector companies to access approximately $900,000 in additional state interest-buydown grant funds.
The primary-sector companies utilizing these programs are:
- Anvil Design & Manufacturing (Fargo) – specializes in engineering services, including contract manufacturing and metal fabrication
- GoodBulb (Fargo ) – light bulb distribution now launching full-scale manufacturing of LED light bulbs
- Integrity Steel Supply (Mapleton) – structural steel fabricator primarily in commercial buildings including hospitals, schools, arenas, stadiums and office/retail space
- Lura Enterprises (Mapleton) – manufactures a unique roller screed and attachments for leveling concrete
- Sheyenne Forming (West Fargo) – contract steel fabricator
- SpaceAge Synthetics (Fargo) – manufactures composite components from polyurethane and fiberglass products for the marine, transportation, and building products industries
Currently, the GIF is managing 89 active loans with a total loan balance of $6.94 million, as well as $719,000 in committed loan approvals not yet funded. Over the lifetime of the fund, the GIF has funded 303 loans in Cass County for a total of $20.5 million.
